ALABAMA AIRCRAFT INDUSTRIES, INC. (FORMERLY KNOWN AS PEMCO AVIATION GROUP, INC.) AMENDED AND RESTATED SENIOR SECURED NOTE DUE 2010

Exhibit 10.2

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

ALABAMA AIRCRAFT INDUSTRIES, INC.

(FORMERLY KNOWN AS PEMCO AVIATION GROUP, INC.)

AMENDED AND RESTATED SENIOR SECURED NOTE DUE 2010

For value received, the undersigned, ALABAMA AIRCRAFT INDUSTRIES, INC., a Delaware corporation (the “ Company ”, which term includes any successor corporation under the Purchase Agreement hereinafter referred to), hereby promises to pay to the order of Special Value Bond Fund, LLC, a Delaware limited liability company, or its registered assigns (the “ Holder ”), the principal sum of $5,000,000 on the fourth anniversary of the Closing Date (the “ Maturity Date ”) and to pay interest thereon from time to time as provided herein.

1. This Amended and Restated Note is one of a duly authorized issue of notes of the Company designated as its Senior Secured Notes due 2010 (herein called the “ Notes ”), issued in the aggregate principal amount limited to $5,000,000 pursuant to the Purchase Agreement dated as of February 15, 2006, as amended pursuant to that certain Amendment No. 1 dated as of February 15, 2007, as further amended pursuant to that certain Amendment No. 2 dated as of July 31, 2007, and as further amended pursuant to that certain Amendment No. 3 dated effective as of December 31, 2008 (as so amended, the “ Purchase Agreement ”) by and among the Company, the Guarantors party thereto and the Purchaser party thereto, and is entitled to the benefits thereof and to the exercise of the remedies provided thereby or otherwise available in respect thereof. This Note amends and restates in its entirety the Amended and Restated Senior Secured Note due 2009 of like principal amount of the Company issued on February 15, 2006. Capitalized terms used herein without definition have the meanings assigned thereto in the Purchase Agreement.

2.

(a) The Company promises to pay interest (“ Interest ”) on the principal amount of this Note at the rate of 15.0% per annum (the “ Interest Rate ”). Interest on this Note shall accrue from and including the date of issuance through and until repayment of the principal amount of this Note and payment of all Interest in full, and shall be computed

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on the basis of a 360-day year composed of twelve (12) thirty (30)-day months and the actual number of days elapsed. Interest shall be payable in cash quarterly in arrears on each March 1, June 1, September 1, and December 1 that the Notes are outstanding or, if any such date shall not be a Business Day, on the next succeeding Business Day to occur after such date (each date upon which interest shall be so payable, an “ Interest Payment Date ”), beginning on March 1, 2006, by wire transfer of immediately available funds to an account at a bank designated in writing by the Holder on reasonable notice. In the absence of any such written designation, any such Interest payment shall be deemed made on the date a check for good funds in the applicable amount payable to the order of Holder is received by the Holder at its last address as reflected in the Company’s Note Register (as defined in Section 10 hereof); if no such address appears, then to such Holder in care of the last address in such note register of any predecessor holder of this Note (or its predecessor).

(b) Notwithstanding the foregoing provisions of this Section 2 , but subject to applicable law, any overdue principal of, overdue Interest on and any other overdue amounts payable under this Note shall bear interest, payable on demand in immediately available funds, for each day from the date payment thereof was due to the date of actual payment at a rate equal to the sum of (i) the Interest Rate and (ii) an additional two percent (2.0%) per annum. Subject to applicable law, any interest that shall accrue on overdue interest on this Note as provided in the preceding sentence and shall not have been paid in full in cash on or before the next Interest Payment Date to occur after the date on which the overdue interest became due and payable shall itself be deemed to be overdue interest on this Note to which the preceding sentence shall apply.

(c) In addition, subject to applicable law, with respect to any acceleration of this Note pursuant to Section 12 of the Purchase Agreement prior to the date that is nine (9) months following the Closing Date, any principal amount owing under this Note at any time that an Event of Default under the Pur